Kraken parent Payward's Q3 EBITDA drops 66% to $60M
Kraken's parent company saw adjusted EBITDA fall about two-thirds year over year in the third quarter, even as funded accounts climbed 37%.
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Key takeaways
- Payward's Q3 adjusted EBITDA came in at $60 million, down roughly 66% from a year earlier.
- Funded accounts grew 37% over the same period.
- The headline also says the company plans US prediction markets and a personal finance AI agent.
- Details on launch timing and pricing for those products aren't in the material available.
$60 million. That's Payward's adjusted EBITDA for the third quarter, down about 66% from a year earlier. Payward is the parent company of crypto exchange Kraken. Funded accounts, though, grew 37%.
Profit down, users up
Odd split. More people are parking money on the platform, yet the company earns far less on an adjusted basis than it did a year ago. Why? The figures don't say, and I'm not going to invent a reason.
What's next
Payward also plans to bring prediction markets to the US and to build a personal finance AI agent, according to the report's headline. Timing, eligible users, how the products would work? None of that was provided.
Why it matters
If you use Kraken, the account growth suggests people aren't leaving. The earnings hit is a separate story. Exchanges live on trading activity, and a steep EBITDA drop alongside rising accounts hints at pressure on what each user generates. Prediction markets and an AI finance tool look like bids to get customers doing more than spot trading. Will that bring in real revenue? Open question. And the US regulatory road for prediction markets won't be smooth.
Source: The Block
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